Year in Review ’22
2022 was a year of adapting to constantly changing consumer needs and ever-evolving supply chain issues, but the global brand licensing industry proved once again that it is more than equal to the task. Brand owners, licensees, retailers, and agents around the world are looking forward to 2023, but today Licensing International’s Young Professionals Network is looking back at this past year to gain insight as the industry plans for new opportunities and innovation.
What was the most significant challenge the licensing industry faced in your region in 2022?
U.K.
Within the U.K. we are now entering into a recession and cost-of-living crisis, with particular issues around cost of energy. We have certainly seen this start to kick in towards the end of this year with decisions on brands at retail, and we need to brace ourselves for that. What we can do is to ensure everything we are offering to retail has true meaning for consumers and adds just that little extra touch.
U.S.
Over-fixation on NFTs was a challenge because it felt like a distraction. But, if the licensing community doesn’t jump on emerging tech and product categories, we all run the risk of not being a part of the next “big” thing. Always being on the hunt for the next thing that will have a moment is a yearly challenge.
What was the biggest licensing trend in 2022? Why do you think it was important and how might it evolve in 2023?
U.S.
The pop-up shop was the biggest trend, with stores and brands regaining their balance after a few years of the unknown. There’s an urge to get out and see product in stores again. Taking this into 2023, old store layouts and methods might lose their luster if not interesting enough, leading customers to go back to online. Blending everyday experiences and brand experiences to keep customers coming back and engaging with retail and brands again will be key to success next year.
U.K.
The biggest trend was the want and need for experiences again within brands and retail. Post-pandemic it feels like now, more than ever, customers want to really experience their brands again over just making a simple purchase. It absolutely feels like experience licensing is back and bigger than ever.
France
The biggest trend was NFTs and the Metaverse. Lots of webinars have been launched to explain this new area and this topic was part of many discussions I had with brand owners. I think that we will see more Web3 platforms appearing in 2023 alongside a better understanding of these technologies in general.
If you could describe the licensing industry in 2022 in a few words, what would they be?
France
Restarting, adapting, and innovating.
U.S.
Dynamic, ever changing, and developing.
As the year comes to a close, what was your biggest learning in 2022 and how do you hope to apply it moving forward?
U.K.
The biggest learning as we move ahead is that we must consistently adapt to the change around us and react as positively to this as we can. We need to always be open to learning the next new way, whilst taking our experience and knowledge of traditional brand activation with us.
France
Our biggest learning was that face-to-face meetings cannot be replaced.
U.S.
The biggest learning was to be flexible. The industry is ever-changing and we all need to be flexible in changing with it.
What are you most excited about in licensing in 2023?
U.S.
The cross-over of international IPs. There are many large international brands, specifically Chinese characters brands, that have not yet made their way into the U.S. It will be exciting to see if there is a market here and if such brands can make inroads.
U.K.
Both sports and heritage brands have never been in a better place! That magic of experiencing a moment together as a community and customer is so strong and we have incredible sports events to look forward to in 2023, as well as beautiful exhibitions and moments with heritage brands.
France
The most exciting thing is to see people coming back together and, of course, more attractions and location-based experiences finally happening.
